Structured Asset Funding/123 Lump Sum

December 27, 2009

In the opinion of this author, Structured Asset Funding is one of the worst false advertisers of companies that purchase structured settlement payment rights from accident victims. The company ought to be slammed by the Federal Trade Commission along with other false advertisers in the industry.

In the past I have highlighted how the company has advertised and continues to false advertise "fast cash now" despite a number of complaints to the Better Business Bureau that suggest otherwise by a long shot.

As previously covered the company's moral compass is skewed to include the solicitation of accident victims to sell their structured settlement payments to buy luxury cars and boats (i.e. depreciating assets)

The company also operates under the marketing name of 123 Lump Sum. In several commercials posted on Youtube.com the company makes the following dubious claim:

In the immortal but paraphrased words of Red Forman (above), 123 Lump Sum has "hung vacancy signs on their asses and the FTC should be looking for a room".

This is as heinous a false advertising claim as Peachtree's 2008 claim that it could get you "all your money now"

The Florida structured settlement protection act and the protection act of each state that has one requires Court approval of structured settlement factoring transactions. That process does not happen all in the same day a person contacts 123 Lump Sum, Structured Asset Funding or any factoring company.

The principals of this company are owners of Bentzen Funding Solutions, according to information retrieved from the Florida Secretary of State on December 27, 2009.

We believe the claims of 123 Lump Sum to be grossly false and intentionally misleading considering:

The requirements under Internal Revenue Code Section 5891

The requirements of individual state structured settlement protection acts which refute the caims

The knowledge that the company has complaints on the website of the Better Business Bureau which eviscerate the claims of cash now, fast cash now or anywhere in between. http://www.trustlink.org/BusinessProfile.aspx?ID=206029806. Note that on 12/4/2009 the company has responded to the complaints on BBB and the responses further support the false advertising claim. The company says "the process of selling structured settlement payments is a very complicated financial and legal transaction with multiple parties involved and it requires filing a court order, procuring a hearing date and obtaining a signed court order approving the transfer". We agree with this statement which means that it isn't fast cash now

The explanation given for payment delays in the BBB report centers on a contractual defense, that it has met the conditions of the contract for sale that the annuitant signed. That being said, does it not seem disingenuous given that at the same time the company solicits consumers to sell their structured settlements, which are created pursuant to a contract, on the suggestion that the payments are slow? The fact is that the underlying structured settlement payment amounts and times are exactly what the annuitant, or their legal representative contracted for.

This author has been contacted and has names and phone numbers of 123 Lump Sum customers who have not received the results that 123 Lump Sum claims to be able to deliver.

123 Lump Sum is the marketing name for Structured Asset Funding of Hallandale Florida, The company's "moral standards" include encouraging structured settlement annuitants to sell their structured settlement payment rights for depreciating assets.

Structured Asset Funding/ 123 Lump Sum is not alone in making questionable advertising claims, but in this regard, they display among the worst business practices in the industry, in this author's personal opinion.

Note to Consumers:

As a consumer you can do something about it. You can write to us with your story by contacting this author by phone or email. We will publish your story so that others like you can learn from it.

You can also file a complaint with your state's Department of Consumer Affairs. If you do not know how to find them contact us and we will help you find them.

You can also file a complaint with the Federal Trade Commission ("FTC"). It is worth doing so because, based on the georgraphic diversity of calls received and belief the company is doing business across state borders. The FTC will not address your individual complaint but will accumulate complaints and then take action if the problem is deemed serious enough. You've heard of the 1,000,000 man man march or the 1,000,000 women march; this is the "fed up with false advertising consumers march"

November 28, 2009

In another case of dispelling the "fast cash now" myth perpetuated by false advertiser Structured Asset Funding, this appears on the bulletin board of 123notary.com, dated September 17, 2009 at 1:30:28pm

"These folks cash-out structured payment programs. I was contracted to visit with a client on two occasions, $50.00 per visit to notarize a few forms and return via FedEx. The first event was July 17 and the second was on August 6, 2009. It is now September 17, and after numerous unreturned telephone calls to Keith Byrd, my original contact, and other staff people, they indicate that they have been very busy but cash-flow was down and will not be able to pay a total of $100.00, until the first week of October.

Perhaps forgoing Andrew Savysky's ticket to the NASP Zoo would have enabled the poor notary to get paid in timely fashion.

And to remind everyone again, Structured Asset Funding is the company that is servicing "The Connecticut Woman's unsold periodic payments' and god knows how many others referred by settlement industry professionals through a feeder company.

As a side note, to what extent does the Dubai meltdown (which was a cause for concern on Black Friday's stock market results) become a concern for funding companies like Structured Asset Funding, and those who choose to do business with them? Andrew Savysky and Michael Asseff, the "machers" behind SAF appear to have targeted Dubai for their funding raising efforts. Both were listed as attendees at a 2008 conference "Dubai Cup of Securitization" "focused on the end users of securitization" as well as confirmed attendees at the October 2009 Middle Eastern Distressed Credit Investment Summit (later cancelled- see our post Sheiks to Help Fund Structured Settlement Cash Outs? May 25, 2009)

November 04, 2009

"My husband is currently waiting funding from 123 Lump Sum. We started this
process over a year ago. It finally went to court on Sept.2009. We got the
approval and now almost 2 months later still not funded yet. Yeah their slogan
fast cash yeah okay that's a bunch of bs. Anyone going into this should know
it's not gonna be that way and they are falsley (sic) advertising it on their site. I
think we have been more then patient with these people. But we just keep getting
fed more bs as to why we are not being funded. I'm waiting for them to just say
sorry we can't do it we're bankrupt or something. I'm so confused"

123 Lump Sum is a trading name of Structured Asset Funding, LLC which operates out of the same Hallendale, Florida penthouse as Bentzen Funding Solutions and handles the funding and servicing for Bentzen

This is the 4th case this year that we've heard of where this company has dragged out the funding of a structured settlement factoring transaction.

I'm not making this stuff up. Sellers beware! Make sure you have considered and exhausted all other alternatives.

Have you experienced a long delay from a company that has promised you cash now? Tell us your story! Help yourself and help others!

Any other customers of Structured Asset Funding, 123 Lump Sum who have experienced similar delays are encouraged to contact this author so that we may publish your story. The viral power of the Internet will put pressure on the "cash now" pushers or financial crack dealers to deliver what was promises, to stop making claims that they cannot deliver. Your stories will be compiled for discussions with federal and state officials in the hope of improving the experience for others.

November 03, 2009

"I would highly recommend not doing business with this company. Three months after my money has been promised to me (after 9 months of court and notarized paperwork), I still have not seen a single dime, and am facing imminent foreclosure. Answers are not satisfactory. It's always "We're just waiting for the bank to release the funds." How hard is it to write a check? I am very aggravated at the entire process and regret my decision wholeheartedly".-words of Rachel P. from just a few days ago on 10/30/2009 on the Better Business Bureau, website feedback for Structured Asset Funding, LLC.

Food for thought:

These are the same people that took 6 months to pay "The Connecticut Woman" in a deal referred by NSSTA member Ron Sullivan of Bradford Settlements to be funded by Structured Asset Funding, LLC. A copy of the Connecticut court record is in the possession of the author.

October 28, 2009

My two part video commentary on Structured settlement servicing agreements by factoring companies which appears on Legal Broadcast Network channels Speaking of Justice and Speaking of Settlements. Part 2 includes my interview of Dallas bankruptcy attorney, Bruce Akerly on the possible ramifications to the annuitant of a Chapter 7 bankruptcy of the servicing company. This two part piece is essential stuff for life insurers in the structured settlement industry, plaintiff attorneys, plaintiffs, family members of structured settlement annuitants, judges and all structured settlement experts.

Part 1 (introduces and discusses the issue of structured settlement servicing)

October 10, 2009

My last post on structured settlement servicing by factoring companies and the consequences of factor bankruptcy seems to have struck a chord with Bruce
W. Akerly, Esq., Bell Nunnally & Martin LLP, Dallas, Texas and I am pleased to print his thoughtful and articulate response in it's entirety. I have taken the liberty to organize his letter in bullet points to make it easier to read. I have also added emphasis that forms the basis for questions that will be raised in response.

"Mr. Darer: Your attempt to raise a red-flag of suspicion by posing the
question regarding a factor/servicing company bankruptcy is
unfortunate. There is nothing about the filing of bankruptcy by a
factor/servicing company that should adversely impact an annuitant’s
right to receive payments.

In a bankruptcy, whether under chapter 7 or
11, all of a factor’s right to receive property, including the right to
receive money through a court approved transfer or otherwise – would
become property of the bankruptcy estate consistent with 11 U.S.C. §
541.

The servicing agreement, which is sometimes approved as part of a
state court proceeding, would also be dealt with in the bankruptcy
case, either as an asset itself, to the extent it may have a fee
recovery component, or as an executory agreement, which must be either
assumed or rejected by the debtor.

If the company filed chapter 11, it
would be permitted to continue its operations in the ordinary course,
which would include the right to receive the annuity payment stream and
comply with its servicing obligations.

While the annuitant will likely
receive notice of the bankruptcy, there would not be any interruption
or impact on either the annuity issuer or the annuitant.

The bankruptcy
company would be entitled to either assume or reject the servicing
agreement. Assumption might also include an assignment to another
servicing entity. Either way, there should be no impact on the
annuitant or annuity issuer.

While the state court order approving the
servicing arrangement may need to consulted, it is also possible that
the factor could reject just the servicing agreement component which
would merely require that the annuity issuer remit the required
payments to both the factor and the annuitant.

Alternatively, if
necessary, the parties could return to state court to seek approval of
the transaction without the servicing component or seek declaratory
relief before the bankruptcy court to determine the rights and/or
obligations of the parties. Again, in either scenario the annuitant’s
rights should not impacted.

The only difference under chapter 7 would be that a trustee would be
appointed to oversee the assets of the bankruptcy estate and, if
necessary, be permitted to continue the business affairs of the company
in an effort to preserve the value of its assets, which would include
the right to continue to receive payments and/or comply with the
debtor's servicing obligations. These have value to the bankruptcy
estate and the annuitant.

The trustee would likely seek to sell these
valuable contract rights to another company in a business similar to
that of the debtor/factoring company in order to preserve the value and
benefit of the bargain between the contracting parties, including the
bankruptcy estate.

Depending on the terms of the state court order, the
trustee might also decide to reject the servicing agreement. As above,
the obligation to pay would likely revert to the annuity issuer, with
no impact on the annuitant. If there is any concern or ambiguity as to
how to proceed, the trustee would likely seek a declaration of rights
and/or obligations from the bankruptcy court, with notice to all
parties. Again, no impact on the annuitant could be envisioned in such
proceedings as all right to payment would be preserved.
Nothing herein is intended as legal advice to any person or entity. The
posting reflects only the opinions and thoughts of the author".

Once again I would like to thank Mr. Akerly for his thoughtful and articulate response. A few thoughts which inspire further questions and comment:

It is clear that a servicing agreement with a factoring company that goes Chapter 7 bankruptcy may be, at best, an "inconvenience" to the structured settlement annuitant. Such inconvenience (or worse) may involve additional costs and emotional capital.

The point highlighted in #6 above states "which
would merely require that the annuity issuer remit the required
payments to both the factor and the annuitant". It has been alleged by Rhonda Bentzen of Bentzen Funding Solutions and Matt Bracy of Settlement Capital Corporation that servicing agreements exist because some structured annuity issuers WILL NOT split payments to their annuitants. if they only sell part of their structured settlement payment rights. If point #6 is true what makes one think that the annuity issuer will all of a sudden agree to split payments?

The Bentzen Funding Solutions/ Structured Asset Funding case involving the "CT Woman" also illustrated the problems associated with servicing. According to the "CT Woman" the structured annuity issuer allegedly refused to dealwith the "CT Woman's" questions about her structured settlement (she only sold $1,600 of $10,000 per month of structured settlement payments) and instead referred her to the servicer, Structured Asset Funding which purchased the $1,600 per month and we understand to be the servicer of the remainder).

In my opinion, if the reason servicing payments is even necessary is the refusal to split by an annuity issuer then we need to identify which annuity issuers fall into this category and speak with them to develop an alternative solution.

I think it is safe to assume there is a majority that would agree that there are extreme circumstances that may warrant a sale of periodic payment rights, but it may not be prudent to factor more than reasonably necessary due to the high transactional costs.Servicing is only a potential problem when there is a partial sale of structured settlement payment rights.

It has also been alleged, by several in the factoring industry, that servicing exists to feather the factoring company "nest" for future factoring deals. If this is true, then one can hardly see the value of a structured settlement servicing agreement (to the annuitant) in the first place. It is not hard to imagine why it looks good to the factoring company's investors to have servicing agreements on the books.

If you are in the primary placing market for structured settlements you may emphasize, among other things, the simplicity and the "on time every time" aspect. If you are settlement consultant or plaintiff lawyer and the structure is being placed with New York Life or Met Life, are you thinking top shelf financial quality and service BY NEW YORK LIFE or METLIFE, or some entity like Structured Asset Funding that is a pimple in size by comparison? I'm not insinuating that either of these two fine companies will not split payments, but I use them to underscore my point.

For those that sell only part of their structured settlement payments to factoring companies like Bentzen Funding Solutions, Structured Asset Funding and other, what needs to be addressed is what effect the bankruptcy of a
factoring company "servicing company" would have on the payee, with
respect to the payments being serviced. Until this issue is decided,
payees who are considering partial structured settlement transfers
should be wary about participating in "servicing agreements".

This time of year is when the National Association of Settlement Purchasers (NASP) holds their annual meeting.

Why doesn't NASP come out of the closet on this issue?

Confirm whether or not servicing agreements are necessary because certain life insurance companies that issue structured settlements will not split payments

Reveal the names of the structured annuity issuers who some of you allege will not split structured annuity payments, if this is indeed true.

Issue a public statement that answers the operative question of what happens in the event of bankruptcy of the servicing company.

Frankly if members of my industry are the cause of this problem I want to know about it, the majority of my industry needs to know about it, and the problem needs to be addressed.

Ostrich Gallery Ringing them by the neck!

Life Company Ostrich dancing on issue?

NASP Board Ostrich?

NSSTA Board of Directrich?

"Patrick Hindrich" Inert on Servicing . What More Can He Possibly Write About Jeremy Babener?

September 08, 2009

Former Orlando Magic star David Vaughn 36, appears on NBA Fanhouse in a story that describes a journey that stretches at its peak from accommodations at the Ritz Carlton to the 2008 nadir of "accommodations" in a friend's dusty storage shed or the back seat of his Chevy Impala. Vaughn is 6 foot 9 and weighs 250lbs.

It is a story of dissipation that should resonate not only with current and aspiring young athletes but teenagers and young adults who receive recoveries from a lawsuit involving their own personal injury, or from the death of a loved one.

"His original three-year guaranteed contract with the Magic didn't come with any
guarantees of a successful life. The contract didn't come with a course in life
management skills, and he had none when his basketball career finished"

"I went from the pinnacle of having it all, to the pits of having absolutely
nothing, and seeing no light at the end of the tunnel,''

"It's a lot harder to get out of big-time professional sports than it is to get
into it.' You get sucked into that lifestyle, and there's no easy way out.''-Kyle Rote, Jr., former NASL soccer star and former agent of Vaughn's

He thinks back to the '90s when he played in the NBA, living large and acting
wild like a child with too many quarters in an arcade.

At least Vaughn's story has an ending that is happier than its beginning. I also hope that the epilogue is better for him and his family.

Yet stories like Vaughn's fuel the incentive to go after " financial crack dealers" like Structured Asset Funding, those that act like them, and those that support them. Structured Asset Funding solicits business from tort victims by tempting them with dreams of $100,000 sports cars and boats as a reason to sell structured settlement payment rights.

FOOTNOTE: The "Dissipation Myth" manure spreaders may wish to note that the article states that Vaughn's basketball career ended in 2003 and the nadir came in 2008. My math says that it's 5 years, how about yours?

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Guide to Structured Settlements

Structured Settlement Quote Lock-Ins | What You Need To KnowWhat Is a Structured Settlement Lock-In Mean? How do does a plaintiff benefit from a structured settlement quote lock in? How does the defendant/insurer/court benefit from using a structured settlement lock-in? Where to be careful when using structured settlement lock ins.

Structured Settlement Annuity Company Customer Service Phone NumbersIf you have a structured settlement this is a huge time saver. A very useful list compiled by 4structures.com LLC, which includes both current AND former structured settlement annuity issuers and reinsurers. If you have simple bank or beneficiary changes, or if the insurance company that issued the structured annuity has merged, sold or spun off its block of structured annuity business (e.g. Aviva, GE Capital, CNA) or changed its name and you're trying to track them down, here you go! The list is regularly updated. Last update July 2014

Structured Attorney Fees for Tax Deferral for 2015 SettlementsStructured attorney fees is a financial strategy that offers many benefits to lawyers and law firms. Lawyers CAN structure their legal fees even if the plaintiff doesn't structure. In 2015, there are multiple ways to structure your fees, such as the new index linked structured settlement. . Plan NOW for year end! Put structured attorney fee expert John Darer on your settlement planning team.

Structured Settlement Payments | Types of Structured SettlementsWays You Can Structure Your Settlement Payments. With a structured settlement you can have more than one type of payment in a single contract. Different types of structured settlement payments can be customized and combined to meet your needs on a stand-alone basis, or in conjunction with other financial products. You can also diversify your structured settlement by funding with more than one annuity issuer, with treasury funded structured settlements or with the new index linked structured settlement.

Treasury Funded Structured Settlements Treasury Funded Structured Settlements are a settlement option for the most conservative using the OTHER permissible qualified funding asset under IRC 130(d), United States Treasury Bonds in addition to, or instead of, structured settlement annuities. Treasury Funded Structured Settlements can also be used to fund installment sales, also known as structured sales.

Structured Settlement Annuity Companies 2015Which life insurance companies issue structured settlement annuities in 2015? A list of current structured annuity issuers, the location of their home offices and their financial ratings from A.M. Best, Moodys, Fitch, Standard & Poors, links to their websites and other useful information.

Rated Ages and Structured SettlementsRated Ages for Structured Settlement Annuities present advantages to all parties. Shift the mortality risk bearing to a life insurance company whose business it it is to assess mortality risk to price its life insurance and annuities. Boost your structured settlement annuity benefit per premium dollar, or your yield, on lifetime payments. Rated ages help to reduce the cost of funding a Medicare Set Aside arrangement where a Structured MSA is being used.

New York Structured SettlementsOver 50 pages of useful information and ideas about structured settlements, settlement planning and litigation recovery managements for New York residents, New York Lawyers and New York judges

New York General Obligations Law §5-1702The New York Structured Settlement Protection Act imposes mandatory requirements on the defendant or the defendant's legal representative when a structured settlement is created (as part of the resolution of a case)

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What a wonderful blog you have! I have completely enjoyed reading some of your posts (4/16/2010)

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Structured Settlement Best Practices Corner

New York Insurance Advertising law requires the full name of the Insurer to be listed along with the city and state of the principal office. Stating that you represent these fine companies using Insurance company logos without the preceding information are also illegal

When it comes to settlement documents it is the ultimate responsibility of the lawyers or claims adjusters who receive input concerning the structured settlement aspects of the documents to actually read the entire document, exercise independent thought and advise their clients properly

Be aware that financial advisors use of testimonials is prohibited or restricted

Most states require that Testimonials represent the CURRENT opinion of the person who made the testimonial. Be prepared to back it up.

Number of States That Prohibit Payment of QSF expenses by licensed agents and brokers

5
Survey not yet complete.

Insurance and Legal News

Legal Search Engines

Retirement Resources

Structured Advertising That Just Ain't Right

Structured Settlement Cash Now ScandalThere is a clear and present danger to both sellers of structured settlements and investors in structured settlement cash flows due to lack of regulations governing sales practices

Are Annuitants Getting High on Cash Now "Ecstasy"?Is "cash now" the new "esctasy" ? Sure seemed like it for a while with ubiquitous advertising that dangles "financial cat nip". The problem is that aside from a modest advance, unregulated "cash now pushers" simply cannot DELIVER "cash now" for structured settlements arguably making it fraudulent advertising. Click for a discussion.

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Special Needs Blawgs and Resources

Jay J. Sangerman, PLLCA New York and Florida based AV rated estate planning law practice with an emphasis in Supplemental Needs Trusts, which assists attorneys in efficient case settlement though the use of Supplemental Needs Trusts and Special Needs Trusts; and Elder Law

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A structured settlement offers guaranteed financial security to accident victims and their families. A structured settlement involves a customized stream of payments, a structured settlement provides long-term stable tax-free income, for a period of years or a lifetime. Unlike other income annuities. a structured annuity can have multiple payment streams to address multiple needs in a single contract.